BMO Bank of Montreal is Canada’s oldest bank, founded in 1817, and one of the Big 5 financial institutions serving approximately 12 million Canadian customers. Monthly chequing fees range from $0 (students and youth) to $30/month, with the widely used Performance Chequing Account at $15.95/month — waived when you maintain a $4,000 daily minimum balance. Institution number: 001. SWIFT code: BOFMCAM2. Main line: 1-877-225-5266.
BMO at a Glance
| Detail | Value |
|---|---|
| Full name | Bank of Montreal |
| Institution number | 001 |
| SWIFT/BIC | BOFMCAM2 |
| Phone (24/7) | 1-877-225-5266 |
| International phone | 1-416-287-8577 |
| Monthly fees | $0 – $30 |
| ABM network | ~2,900 across Canada |
| ATM daily withdrawal limit | $1,000 |
| Daily debit purchase limit | $5,000 |
| e-Transfer daily limit | $3,000 |
| e-Transfer 7-day limit | ~$10,000 |
| Loyalty program | BMO Rewards |
| US banking | BMO US (integrated cross-border banking) |
Who Is BMO Best For?
BMO is a strong pick for Canadians who do business across the US border — BMO is the only Big 5 Canadian bank with a substantial US retail banking operation (BMO US, formerly Bank of the West), making cross-border banking significantly smoother than with RBC, TD, Scotiabank, or CIBC. It’s also worth considering for Canadians who value stability and history: institution number 001 isn’t just a number — it reflects that BMO has been a regulated Canadian bank since 1817. BMO Rewards integrates with the BMO Cashback Mastercard and World Elite Mastercard for points earning on everyday spending. For straightforward unlimited chequing, Performance Chequing at $15.95 (or free with $4,000) is competitive with TD and Scotiabank’s equivalent offerings.
BMO Chequing Accounts
BMO offers five main personal chequing plans in 2026, ranging from a basic limited-transaction plan to a premium all-inclusive account.
Plus Chequing ($11.95/month): 25 transactions per month included; each additional transaction costs $0.65. No fee waiver option. Suitable for light users who don’t need unlimited transactions but want more than the basic 12.
Performance Chequing ($15.95/month): BMO’s most popular account — unlimited debit transactions, unlimited Interac e-Transfers, and unlimited bill payments. Monthly fee waived when you maintain a $4,000 minimum daily closing balance throughout the statement period.
Premium Chequing ($30/month): Unlimited transactions plus annual fee rebates on select BMO credit cards, free USD chequing account, unlimited non-BMO ATM fee rebates (in Canada), and premium travel insurance. Fee waived with a $6,000 minimum daily balance.
Student Chequing ($0/month): Free unlimited chequing for full-time post-secondary students. No minimum balance, no per-transaction fees. Converts to a standard plan upon graduation.
Youth Chequing ($0/month): Free account for customers under 19 years old.
| Account | Monthly Fee | Fee Waiver Balance | Transactions |
|---|---|---|---|
| Plus Chequing | $11.95 | None | 25/month |
| Performance Chequing | $15.95 | $4,000 | Unlimited |
| Premium Chequing | $30.00 | $6,000 | Unlimited + perks |
| Student Chequing | $0 | None | Unlimited |
| Youth Chequing | $0 | None | Unlimited |
How BMO Fees Work — and When They’re Waived
BMO charges fees at the end of each statement cycle. The fee waiver on Performance and Premium Chequing requires you to maintain the specified minimum balance on every calendar day in the billing month — not as an average, and not for a single snapshot date. One day below the threshold, and the full monthly fee applies.
Worked example: A homeowner keeping $4,000 in their Performance Chequing account avoids the $15.95 monthly fee. That’s $191.40 saved per year. If the balance slips to $3,500 for three days mid-month, BMO charges the full $15.95 — so maintaining a buffer (say $4,200–$4,500) is good practice. Consider setting a low-balance alert in BMO Mobile Banking at $4,200 to give yourself a two-day warning.
Additional transaction fees on Plus Chequing are $0.65 per debit over 25. On Premium Chequing, BMO reimburses non-BMO ATM fees (within Canada) up to a monthly maximum — useful if you live in a region with few BMO ABMs.
BMO Key Limits
| Service | Limit |
|---|---|
| ATM daily withdrawal (BMO ABM) | $1,000 |
| Daily debit purchase limit | $5,000 |
| e-Transfer daily send limit | $3,000 |
| e-Transfer 7-day send limit | ~$10,000 |
| Mobile cheque deposit (daily) | $10,000 |
| Mobile cheque deposit (30-day) | $15,000 |
| Wire transfer (online, personal) | ~$25,000 |
BMO’s ABM network (~2,900 machines) is the smallest among the Big 5, which can be a disadvantage in smaller cities and rural areas. However, BMO’s participation in THE EXCHANGE® Network and partnerships with select credit unions partially offsets this. The Premium Chequing account reimburses non-BMO ATM fees in Canada, making the smaller ABM network less of an issue for Premium account holders.
BMO Pros and Cons
| Pros | Cons |
|---|---|
| Institution #001 — Canada’s oldest and most established bank | Smallest ABM network of the Big 5 (~2,900) |
| Cross-border banking via BMO US | Plus Chequing limited to 25 transactions/month |
| Performance Chequing fee waived at $4,000 | Fee waiver requires balance every single day — no grace days |
| Strong BMO Rewards program (Mastercard integration) | Premium Chequing fee waiver requires high $6,000 balance |
| Free student and youth accounts | No dedicated no-fee digital bank subsidiary (unlike CIBC/Simplii, Scotiabank/Tangerine) |
| Solid mobile app (BMO Mobile Banking) | Rate of interest on chequing balances is negligible |
How to Open a BMO Account
- Apply online at bmo.com or visit one of BMO’s branches across Canada. Applications take approximately 10–15 minutes online.
- Provide government-issued ID — a driver’s licence or passport, plus a secondary piece such as a utility bill, SIN card, or permanent resident card.
- Fund your new account — transfer money from another Canadian bank via EFT or Interac e-Transfer, or deposit cash or a cheque at a branch. No minimum opening deposit is required.
- Set up BMO Online Banking — register at bmo.com/banking and download the BMO Mobile Banking app. Your BMO debit card will be mailed within 5–7 business days for online applications or issued in-branch immediately.
BMO Banking Guides
Account & Fees
- BMO Fees 2026 — Full breakdown of monthly fees, per-transaction costs, and waiver rules
- BMO Branch Hours 2026 — Branch hours by day, holiday closures, and 24/7 access
Transfers & Payments
- BMO e-Transfer Limit 2026 — Daily and monthly Interac e-Transfer limits
- BMO Wire Transfer Limit 2026 — Domestic and international wire transfer fees, limits, and SWIFT code
- BMO Routing Number 2026 — Institution number 001, branch transit numbers, and EFT routing format
Cash & Deposits
- BMO ATM Withdrawal Limit 2026 — Daily ABM limits, debit purchase caps, and non-BMO ATM fees
- BMO Mobile Deposit Limit 2026 — Cheque deposit limits via BMO Mobile Banking app
Tips for Getting the Most from BMO
BMO for US cross-border banking. If you travel to the US regularly, work for a US company, or have US-dollar expenses, BMO’s integration with BMO US (formerly Bank of the West) is a genuine advantage. You can hold US dollars, transfer between CAD and USD accounts, and access BMO US branches when south of the border — capabilities that other Canadian Big 5 banks can’t easily match.
Maintain a $4,200 buffer on Performance Chequing. The $4,000 fee waiver is an all-or-nothing daily balance requirement. Keeping a $200 buffer ($4,200 total) protects against a single-day dip triggering the $15.95 monthly fee. Set a BMO Mobile Banking alert at $4,100 as your early warning.
Use BMO Rewards with a BMO Mastercard. BMO Rewards points earned on BMO credit cards can be redeemed for travel, gift cards, and statement credits. The BMO Cashback World Elite Mastercard earns 5% on groceries and 4% on transit — strong rates for a no-fee-waiver scenario where you want the points to offset banking costs.
Check for EXCHANGE® Network ATMs. BMO’s ~2,900 ABM network is the smallest of the Big 5, but THE EXCHANGE® Network ATMs at credit unions partially fill coverage gaps — particularly in Atlantic Canada and smaller Ontario communities. Premium Chequing customers get non-BMO Canadian ATM fee reimbursements.
How BMO Compares to Competitors
| Feature | BMO | TD | Scotiabank |
|---|---|---|---|
| Institution # | 001 | 004 | 002 |
| Popular unlimited plan fee | $15.95 | $10.95 | $16.95 |
| Fee waiver balance | $4,000 | $4,000 | $4,000 |
| ATM network | ~2,900 | ~3,500 | ~3,500 |
| US banking integration | BMO US | TD US | Limited |
| Founded | 1817 | 1955 | 1832 |
Related Canadian Banking Guides
- Best Chequing Accounts in Canada 2026 — Compare BMO, TD, RBC, and digital banks side by side
- Best High-Interest Savings Accounts in Canada 2026 — Where to keep savings when your chequing earns nothing
- Canadian Bank Institution Numbers — Complete List — Every bank’s 3-digit routing code
← Back to Canadian Banking Guides
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy